BitPay backs Bitcoin Cash ABC in the upcoming hard fork
In the upcoming Bitcoin Cash hard fork, BitPay just like major cryptocurrency exchanges like Coinbase and Binance is backing Bitcoin Cash ABC.
In a recent blog post, BitPay without delving much into the whole debate noted, “BitPay’s system uses the primary software implementation of Bitcoin Cash called Bitcoin ABC. Bitcoin ABC has scheduled a Bitcoin Cash protocol change via hard fork on November 15th.”
Further explained, “BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation.” BitPay suggests that the users should not send transactions in the time around the actual hard fork. Furthermore, it could increase the risk of the funds being lost or double-spent.
The funds will be safe in the wallet during the fork and one wouldn’t be at risk of losing funds. “However, we strongly recommend that you stop sending or receiving transactions from your Bitcoin Cash wallets at 10 AM EST (about two hours before the fork). During a hard fork, there is an increased risk that outgoing or incoming transactions can be lost or double-spent, “ according to the blog post.
As far as Bitcoin SV is concerned, Craig Wright and nChain believe that they are restoring the original vision of Bitcoin. In fact, CEO of nChain, Jimmy Nguyen said earlier this year, “Answering the call of miners, nChain is happy to provide technical capabilities needed to support Bitcoin SV. Once the Bitcoin protocol is fully restored and maintained, global businesses and developers can reliably build robust applications, projects and ventures upon it – just as they reliably build upon the long-stable Internet protocols. The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin.”
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Author: Pinaz Kazi